The new routing technology is developed by the ConsenSys-backed Special Mechanism Group (SMG) to enable smart exchanges on the MetaMask wallet.
ConsenSys Inc, a private blockchain software technology company that has focused on building web3 infrastructure, is about to launch a revolutionary feature for the MetaMask wallet. According to a report from CoinDesk, MetaMask has been testing a transaction routing feature to allow users to get the best possible connection for token swaps. The new routing technology has been developed by web3 developers from the Special Mechanism Group (SMG), which was acquired by ConsenSys last year.
In particular, the new routing technology is intended to protect users from different challenges associated with token swaps, including pre-running of bots up to the maximum extractable value (MEV). As a result, the new transaction routing technology can be used by other decentralized finance (DeFi) platforms to ensure that every user accesses smart swaps with the best prices once the company releases them for public use.
“We are currently focused on ensuring that we have built the best system of its kind in terms of security, features, performance and control. Once we are satisfied, everyone in the industry will have the opportunity to use it for themselves and will be free to use it however they want,” said Jason Linehan, director of Special Mechanisms Group (SMG).
According to Linehan, the new routing technology is not centralized, so users do not have to worry about a single entity controlling all transactions in a given mempool. Additionally, the new routing technology is intended to be an optional feature to give users flexibility in their transactions.
“We've taken such a unique approach with this technology that it no longer makes much sense to call it a private mempool. People tend to think that it is a public mempool if every node sees all the messages, and a private mempool if only some of the nodes see all the messages, but why should one node see all the messages in the first place? Linehan added.
MetaMask and the Web3 industry
MetaMask has become a mature ecosystem supporting mass adoption of the web3 industry and digital assets. At the time of this report, MetaMask had over 100 million users worldwide thanks to its battle-tested self-custody approach. MetaMask and other self-custody wallets like Trust Wallet, backed by Binance Holdings, gained global recognition primarily after the implosion of FTX and Alameda Research in late 2022.
As a result, existing self-custody wallets have been working to improve their user experience features to attract more retail investors. Furthermore, secure crypto wallets are the gateway to the vast web3 industry, which includes non-fungible tokens (nft), metaverse, gamification, and real-world asset (RWA) tokenization, among others.
Market image
The cryptocurrency industry is gradually entering the macro bull cycle that will be triggered at an exponential rate with the upcoming bitcoin halving in April. Additionally, the recent approval of several spot bitcoin ETFs in the United States has increased investor confidence in the future of digital assets.
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